WPX Energy Reports 1Q 2016 Results: Increasing EURs for Delaware and Williston Wells
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Oil volumes reached a new high of 41,500 barrels per day in 1Q
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Delaware oil volumes jump 32 percent in Permian vs. sequential
quarter
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Lindsay 2-4H Wolfcamp A well posts 24-hour IP of 2,060 Boed at
3,700 PSI
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Haley 36-1H Wolfcamp A well has 120-day production of 121 Mboe (73%
oil)
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6-well Williston Basin pad has 24-hour IP of 14,985 Boed (83% oil)
WPX Energy (NYSE: WPX) announced today that it is increasing its
estimated ultimate recoveries (EURs) for its Delaware Basin wells in the
Permian to 900 Mboe, up 34 percent from its acquisition type curve of
670 Mboe.
The company plans to increase its rig count in the Delaware from two to
three during the second half of the year without increasing its capital
budget. WPX’s guidance for total drilling and completion (D&C) capital
for 2016 remains unchanged at $350 million to $450 million. Based on
improving well costs and productivity, WPX believes it can generate
returns in excess of 40 percent in the Delaware Basin at current
commodity prices.
WPX has made rapid progress toward its vision for Wolfcamp A wells in
the Delaware Basin. The company expects D&C costs – including facilities
and artificial lift – to approach $5.3 million per well during the
second quarter, down from $6 million at the end of 2015 and from $7
million at the time of WPX’s acquisition of RKI Exploration & Production
last summer. The $5.3 million projection includes larger completions
using 2,000 pounds of sand per foot.
In the Williston Basin, WPX is now recognizing a blended type curve of
850 Mboe for its wells in the Middle Bakken and Three Forks formations,
up 13 percent from previous estimates of 750 Mboe. Current D&C costs –
including facilities and artificial lift – are approximately $5.9
million per well, down from $8.5 million in the first quarter a year ago.
“We accomplished a great deal this quarter and delivered solid results,
despite challenging commodity prices,” said Rick Muncrief, President and
CEO. “Our transformation is on track, evidenced by lower operating
costs, record oil volumes, higher EURs, the close of two more asset
sales and stronger liquidity. We also have retired debt early and will
continue to manage our balance sheet in a responsible manner.
“I’m very proud of how our organization is executing in all three of our
asset areas. At current strip pricing, they each deliver attractive
returns. Continuous improvement is the norm, not the exception. We can
leverage this momentum as we start to accelerate our development in the
Delaware Basin,” Muncrief added.
1Q FINANCIAL RESULTS
WPX reported an unaudited first-quarter 2016 net loss attributable to
common shareholders of $17 million, or a loss of $0.06 per share on a
diluted basis, including a $198 million gain on the sale of assets.
The adjusted net loss from continuing operations (a non-GAAP financial
measure that excludes certain items typically excluded from published
analyst estimates) in the first quarter was $59 million, or a loss of
$0.21 per share. Adjusted EBITDAX (a non-GAAP financial measure) for the
first quarter was $131 million. Reconciliations for non-GAAP financial
measures are available in the tables that accompany this press release.
The weighted average gross sales price – prior to revenue deductions –
for oil decreased 30 percent vs. a year ago to $26.78 per barrel in
first-quarter 2016. Natural gas prices decreased 39 percent to $1.77 per
Mcf. NGL prices decreased 36 percent to $11.60 per barrel.
Oil revenues of $97 million accounted for more than 75 percent of total
product revenues in a quarter for the first time. Total product revenues
were $127 million in first-quarter 2016. Prior to WPX’s reclassification
of its Piceance results to discontinued operations, oil revenues
comprised 44 percent of total product revenues in full-year 2015.
WPX’s total liquidity at the close of business on May 3 was
approximately $1.6 billion, consisting of $1.025 billion in undrawn
capacity on the company’s revolving credit facility that was amended in
March and approximately $580 million in unrestricted cash and cash
equivalents.
WPX completed the previously announced sales of its San Juan Basin
gathering system in March and its Piceance subsidiary in April for
approximately $1.2 billion combined. The company applied a portion of
these funds for debt reduction to repay borrowings on its revolver and
to repurchase 29 percent of its outstanding 5.250 percent senior notes
due in 2017.
OPERATIONS UPDATE
Total company production volumes were 80.1 Mboe per day in the first
quarter. Oil volumes accounted for 52 percent of production, reaching a
new company best of 41,500 barrels per day. Total liquids accounted for
62 percent of production.
WPX’s commodity mix has shifted dramatically following the acquisition
of Delaware Basin properties in the Permian last year and the recent
sale of its Piceance Basin subsidiary.
Prior to the Piceance divestiture, natural gas volumes accounted for 70
percent of WPX’s production a year ago. The results of Piceance Basin
operations, including associated production volumes, have been
reclassified as discontinued operations and are not reflected in the
table below.
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Average Daily Production
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1Q
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4Q Sequential
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2016
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2015
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Change
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2015
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Change
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Oil (Mbbl/d)
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Delaware Basin
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12.0
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-
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n/a
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9.1
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32
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%
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Williston Basin
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21.8
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24.9
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-12
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%
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20.9
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4
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%
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San Juan Basin
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7.5
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8.1
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-7
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%
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8.6
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-13
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%
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Other
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0.2
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-
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NM
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-
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NM
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Subtotal (Mbbl/d)
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41.5
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33.0
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26
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%
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38.6
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8
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%
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NGLs (Mbbl/d)
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Delaware Basin
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1.9
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-
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n/a
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2.8
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-32
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%
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Williston
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2.0
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1.8
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11
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%
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1.9
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5
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%
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San Juan Basin
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3.8
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2.3
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65
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%
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4.1
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-7
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%
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Other
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0.1
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0.1
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-
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0.1
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-
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Subtotal (Mbbl/d)
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7.8
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4.2
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86
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%
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8.9
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-12
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%
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Natural gas (MMcf/d)
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Delaware Basin
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20.6
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-
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n/a
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27.3
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-25
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%
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Williston Basin
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13.1
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12.6
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4
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%
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11.9
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10
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%
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San Juan Basin
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130.8
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117.7
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11
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%
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141.1
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-7
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%
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Other
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20.3
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45.6
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-55
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%
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21.2
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-4
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%
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Subtotal (MMcf/d)
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184.8
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175.9
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5
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%
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201.5
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-8
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%
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Total Production (Mboe/d)
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80.1
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66.6
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20
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%
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81.1
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-1
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%
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For the remainder of 2016, WPX has 30,438 barrels per day of oil hedged
at a weighted-average price of $60.35 per barrel. Excluding the
derivatives assigned at closing in the sale of the Piceance subsidiary,
WPX has natural gas derivatives totaling 146,541 MMBtu per day for the
remainder of 2016 at a weighted price of $3.93 per MMBtu.
For 2017, WPX has 22,804 barrels per day of oil hedged at a
weighted-average price of $50.71 per barrel. WPX also has 90,000 MMBtu
per day of natural gas hedged at a weighted-average price of $2.82 per
MMBtu.
WPX participated in the completion of 42 gross (21.4 net) wells from
continuing operations in first-quarter 2016. Overall capital spending
was $170 million, including $24 million of Piceance activity that will
effectively be reimbursed in conjunction with the sale’s closing. WPX
expects a slower run rate for subsequent periods in 2016.
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1Q 2016 WELL COMPLETIONS
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OPERATED
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NON-OPERATED
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Gross
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Net
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Gross
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Net
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Permian Basin
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10
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10
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1
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0.01
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Williston Basin
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6
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5.4
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0
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|
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0
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San Juan Basin
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7
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5.9
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0
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0
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Other (excluding Piceance)
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-
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-
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18
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0.09
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TOTAL
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23
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21.3
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19
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0.10
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DELAWARE BASIN
WPX operates in the core of the Permian’s world-class Delaware Basin,
where the company has more than 1.1 billion barrels of equivalent net
resource potential. Current activity is concentrated in the Wolfcamp
play.
Delaware production averaged 17.4 Mboe per day in the first quarter, up
6 percent vs. the sequential quarter. Notably, WPX’s oil production
increased 32 percent vs. the sequential quarter. Natural gas and NGL
production was impacted by an outage at a third-party gas processing
plant.
Subsequent to the close of the first quarter, WPX completed the Lindsay
2-4H well in the Wolfcamp A that achieved a rate of 2,060 Boed at a
flowing casing pressure of 3,700 PSI during initial production.
The 2-4H follows another Lindsay Wolfcamp A well – the 16-2H – completed
in February that posted 30-day production averaging 1,342 Boed at a
flowing casing pressure of 3,960 PSI. Both of the Lindsay wells
represent early-time production records for WPX’s 1-mile Wolfcamp wells
using 1,500-pound completions.
Additionally, three Wolfcamp A wells on WPX’s CBR 32 pad completed in
2015 continue to track in line with the company’s updated type curve.
The average 6-month cumulative production for each of the three wells is
146 Mboe. WPX is pilot testing the spacing of seven wells per section on
this pad.
WPX’s first completion in the Delaware using 2,000 pounds of sand per
foot – the Haley 36-1H – now has cumulative production of 121 Mboe
through 120 days. The well is averaging 73 percent oil. Production at
the end of April was 868 Boed.
The company followed its first 2,000-pound completion from December with
three more trials on the Bunin pad at the end of April. These wells are
beginning initial flowback.
WPX drilled eight Wolfcamp A wells (gross) in the Delaware Basin in the
first quarter, reducing drilling times by 10 percent vs. a year ago to
an average of 34.8 days per well. The company’s vision is to reach 20
days per well in the Wolfcamp.
One of the first-quarter spuds – the CBR 16-7H 1-mile lateral – reached
total depth of 15,915 feet in just 24.5 days. Additionally, WPX drilled
the lateral portion (4,944 feet) of the Boyd 21-1H well in 3.1 days.
WILLISTON BASIN
WPX’s Williston Basin production comes from the Bakken and Three Forks
formations. Approximately 85 percent of the production stream is oil.
WPX has one rig deployed in the basin.
As planned, WPX is now deferring Williston completions for the next few
months after completing a six-well pad in March. This results in a
current inventory of 15 drilled and uncompleted wells. The inventory is
expected to increase to 29 by year-end if WPX continues to forego
completions in the basin during the second half of the year.
Williston production averaged 26 Mboe per day in the first quarter,
which was 5 percent higher than the sequential quarter. LOE averaged
$4.50 per barrel in the quarter, down 39 percent vs. $7.43 per barrel a
year ago.
WPX drilled four Williston wells (gross) in the first quarter,
consisting of two in the Bakken and two in the Three Forks. All four
wells were 3-mile laterals. The drilling time per well averaged 24.9
days. The North Segment 6-5-4HW lateral was drilled in just 18.8 days,
which is WPX’s best time in the basin. WPX’s previous record for a
3-mile Williston lateral was 21.6 days.
In March, WPX finished completing the six-well Emma Owner pad in 28
days. Half of the wells were completed with 10-million-pound
stimulations. The other half were completed with six-million-pound
stimulations. All six of the wells are 2-mile laterals.
During initial production, the Emma Owner wells produced a peak rate of
14,985 barrels of oil equivalent per day. The 30-day average for the pad
remained very strong at 12,367 Boed.
SAN JUAN BASIN
WPX produces oil in the southern end of the San Juan Basin from the
Gallup Sandstone and has a legacy natural gas position in the northern
end of the basin, including considerable dry Mancos upside at higher
commodity prices. WPX has one rig deployed in the basin.
San Juan Basin production averaged 33.1 Mboe per day in the first
quarter, which is 10 percent higher than a year ago. Higher natural gas
volumes drove the increase. WPX’s LOE for all of its operations in the
basin averaged $4.04 per barrel in the first quarter, down 22 percent
vs. $5.16 per barrel a year ago.
WPX drilled seven wells (gross) in the Gallup oil play in the first
quarter. Drilling on a six-well pad in the West Lybrook unit commenced
in February. Completions on the pad are scheduled to begin in May.
WPX is averaging 7.9 days for 1-mile laterals and 8.6 days for 1.5-mile
laterals in the San Juan Basin so far this year. WPX’s best time in the
basin for a 1.5-mile lateral to date is 7.5 days.
Additionally, WPX received final approval from the Bureau of Land
Management to form the Kimbeto Wash unit. WPX has plans for up to 23
laterals in the unit averaging 7,000 feet per lateral. The company now
has six federal units approved in its Gallup development area.
THURSDAY WEBCAST
The company’s next webcast takes place on May 5 beginning at 10 a.m.
Eastern. Investors are encouraged to access the event and the
corresponding slides at www.wpxenergy.com.
A limited number of phone lines also will be available at (844)
215-3288. International callers should dial (615) 247-5915. The
conference identification code is 85604672.
UPCOMING CONFERENCE PRESENTATION
WPX CEO Rick Muncrief is scheduled to speak at the Citi 2016 Global
Energy and Utilities Conference on Tuesday, May 10, at 11 a.m. Eastern.
Please visit www.wpxenergy.com
on the day of the event to confirm the time, see the slides and listen
to the presentation.
Form 10-Q
WPX plans to file its first-quarter 2016 Form 10-Q with the Securities
and Exchange Commission this week. Once filed, the document will be
available on the SEC and WPX websites.
About WPX Energy, Inc.
WPX is an oil-focused energy company with operations in the Permian’s
Delaware Basin, the Williston Basin and the San Juan Basin. The company
has reshaped its holdings through more than $5 billion of transactions
and posted double-digit oil volume growth in each of the past four years.
This press release includes “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995. All
statements, other than statements of historical facts, included in this
press release that address activities, events or developments that the
company expects, believes or anticipates will or may occur in the future
are forward-looking statements. Such statements are subject to a
number of assumptions, risks and uncertainties, many of which are beyond
the control of the company. Statements regarding future drilling
and production are subject to all of the risks and uncertainties
normally incident to the exploration for and development and production
of oil and gas. These risks include, but are not limited to, the
volatility of oil, natural gas and NGL prices; uncertainties inherent in
estimating oil, natural gas and NGL reserves; drilling risks;
environmental risks; and political or regulatory changes. Investors
are cautioned that any such statements are not guarantees of future
performance and that actual results or developments may differ
materially from those projected in the forward-looking statements. The
forward-looking statements in this press release are made as of the date
of this press release, even if subsequently made available by WPX Energy
on its website or otherwise. WPX Energy does not undertake and
expressly disclaims any obligation to update the forward-looking
statements as a result of new information, future events or otherwise.
Investors are urged to consider carefully the disclosure in our
filings with the Securities and Exchange Commission, available from us
at WPX Energy, Attn: Investor Relations, P.O. Box 21810, Tulsa,
Okla., 74102, or from the SEC’s website at www.sec.gov.
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WPX Energy, Inc.
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Consolidated (GAAP)
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(UNAUDITED)
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2015
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2016
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(Dollars in millions)
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|
1st Qtr
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2nd Qtr
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3rd Qtr
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4th Qtr
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YTD
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1st Qtr
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Revenues:
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Product revenues:
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|
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|
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|
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Oil sales
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$
|
112
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$
|
138
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$
|
120
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|
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$
|
124
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$
|
494
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$
|
97
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|
Natural gas sales
|
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|
|
41
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|
|
26
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|
|
37
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|
|
34
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|
|
138
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|
|
|
|
25
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|
Natural gas liquid sales
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|
3
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|
5
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6
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|
|
9
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|
|
|
23
|
|
|
|
|
5
|
|
Total product revenues
|
|
|
|
156
|
|
|
|
169
|
|
|
|
163
|
|
|
|
167
|
|
|
|
655
|
|
|
|
|
127
|
|
Gas management
|
|
|
|
157
|
|
|
|
56
|
|
|
|
35
|
|
|
|
38
|
|
|
|
286
|
|
|
|
|
31
|
|
Net gain (loss) on derivatives
|
|
|
|
105
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|
|
|
(71
|
)
|
|
|
205
|
|
|
|
179
|
|
|
|
418
|
|
|
|
|
57
|
|
Other
|
|
|
|
2
|
|
|
|
-
|
|
|
|
4
|
|
|
|
1
|
|
|
|
7
|
|
|
|
|
1
|
|
Total revenues
|
|
|
|
420
|
|
|
|
154
|
|
|
|
407
|
|
|
|
385
|
|
|
|
1,366
|
|
|
|
|
216
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|
|
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|
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Costs and expenses:
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|
|
|
|
|
|
|
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|
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Lease and facility operating
|
|
|
|
35
|
|
|
|
32
|
|
|
|
34
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|
|
|
44
|
|
|
|
145
|
|
|
|
|
42
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|
Gathering, processing and transportation
|
|
|
|
17
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|
|
|
16
|
|
|
|
17
|
|
|
|
14
|
|
|
|
64
|
|
|
|
|
16
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Taxes other than income
|
|
|
|
15
|
|
|
|
16
|
|
|
|
14
|
|
|
|
17
|
|
|
|
62
|
|
|
|
|
11
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|
Gas management, including charges for unutilized pipeline capacity
|
|
|
|
109
|
|
|
|
58
|
|
|
|
43
|
|
|
|
51
|
|
|
|
261
|
|
|
|
|
39
|
|
Exploration
|
|
|
|
7
|
|
|
|
6
|
|
|
|
56
|
|
|
|
16
|
|
|
|
85
|
|
|
|
|
9
|
|
Depreciation, depletion and amortization
|
|
|
|
117
|
|
|
|
123
|
|
|
|
136
|
|
|
|
152
|
|
|
|
528
|
|
|
|
|
152
|
|
Impairment of producing properties and costs of acquired unproved
reserves
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
Net (gain) loss on sales of assets
|
|
|
|
(69
|
)
|
|
|
(208
|
)
|
|
|
(2
|
)
|
|
|
(70
|
)
|
|
|
(349
|
)
|
|
|
|
(198
|
)
|
General and administrative
|
|
|
|
54
|
|
|
|
53
|
|
|
|
45
|
|
|
|
58
|
|
|
|
210
|
|
|
|
|
53
|
|
Acquisition costs
|
|
|
|
-
|
|
|
|
-
|
|
|
|
23
|
|
|
|
-
|
|
|
|
23
|
|
|
|
|
-
|
|
Other-net
|
|
|
|
22
|
|
|
|
3
|
|
|
|
8
|
|
|
|
30
|
|
|
|
63
|
|
|
|
|
2
|
|
Total costs and expenses
|
|
|
|
307
|
|
|
|
99
|
|
|
|
374
|
|
|
|
312
|
|
|
|
1,092
|
|
|
|
|
126
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
|
|
113
|
|
|
|
55
|
|
|
|
33
|
|
|
|
73
|
|
|
|
274
|
|
|
|
|
90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
(33
|
)
|
|
|
(32
|
)
|
|
|
(65
|
)
|
|
|
(57
|
)
|
|
|
(187
|
)
|
|
|
|
(57
|
)
|
Gain (loss) on extinguishment of debt
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(65
|
)
|
|
|
-
|
|
|
|
(65
|
)
|
|
|
|
3
|
|
Investment income and other
|
|
|
|
1
|
|
|
|
1
|
|
|
|
-
|
|
|
|
(4
|
)
|
|
|
(2
|
)
|
|
|
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations before income taxes
|
|
|
$
|
81
|
|
|
$
|
24
|
|
|
$
|
(97
|
)
|
|
$
|
12
|
|
|
$
|
20
|
|
|
|
$
|
35
|
|
Provision (benefit) for income taxes
|
|
|
|
29
|
|
|
|
1
|
|
|
|
(27
|
)
|
|
|
31
|
|
|
|
34
|
|
|
|
|
35
|
|
Income (loss) from continuing operations
|
|
|
$
|
52
|
|
|
$
|
23
|
|
|
$
|
(70
|
)
|
|
$
|
(19
|
)
|
|
$
|
(14
|
)
|
|
|
$
|
-
|
|
Income (loss) from discontinued operations
|
|
|
|
16
|
|
|
|
(53
|
)
|
|
|
(160
|
)
|
|
|
(1,515
|
)
|
|
|
(1,712
|
)
|
|
|
|
(12
|
)
|
Net income (loss)
|
|
|
$
|
68
|
|
|
$
|
(30
|
)
|
|
$
|
(230
|
)
|
|
$
|
(1,534
|
)
|
|
$
|
(1,726
|
)
|
|
|
$
|
(12
|
)
|
Less: Net income (loss) attributable to noncontrolling interests
|
|
|
|
1
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1
|
|
|
|
|
-
|
|
Net income (loss) attributable to WPX Energy, Inc.
|
|
|
$
|
67
|
|
|
$
|
(30
|
)
|
|
$
|
(230
|
)
|
|
$
|
(1,534
|
)
|
|
$
|
(1,727
|
)
|
|
|
$
|
(12
|
)
|
Less: Dividends on preferred stock
|
|
|
|
-
|
|
|
|
-
|
|
|
|
4
|
|
|
|
5
|
|
|
|
9
|
|
|
|
|
5
|
|
Net income (loss) attributable to WPX Energy, Inc. common
stockholders
|
|
|
$
|
67
|
|
|
$
|
(30
|
)
|
|
$
|
(234
|
)
|
|
$
|
(1,539
|
)
|
|
$
|
(1,736
|
)
|
|
|
$
|
(17
|
)
|
Amounts attributable to WPX Energy, Inc. common stockholders:
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
|
$
|
52
|
|
|
$
|
23
|
|
|
$
|
(74
|
)
|
|
$
|
(24
|
)
|
|
$
|
(23
|
)
|
|
|
$
|
(5
|
)
|
Income (loss) from discontinued operations
|
|
|
|
15
|
|
|
|
(53
|
)
|
|
|
(160
|
)
|
|
|
(1,515
|
)
|
|
|
(1,713
|
)
|
|
|
|
(12
|
)
|
Net income (loss)
|
|
|
$
|
67
|
|
|
$
|
(30
|
)
|
|
$
|
(234
|
)
|
|
$
|
(1,539
|
)
|
|
$
|
(1,736
|
)
|
|
|
$
|
(17
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary of Production Volumes (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil (MBbls)
|
|
|
|
2,972
|
|
|
|
2,832
|
|
|
|
3,123
|
|
|
|
3,551
|
|
|
|
12,479
|
|
|
|
|
3,774
|
|
Natural gas (MMcf)
|
|
|
|
15,832
|
|
|
|
14,913
|
|
|
|
16,901
|
|
|
|
18,542
|
|
|
|
66,187
|
|
|
|
|
16,820
|
|
Natural gas liquids (MBbls)
|
|
|
|
379
|
|
|
|
476
|
|
|
|
733
|
|
|
|
823
|
|
|
|
2,412
|
|
|
|
|
708
|
|
Combined equivalent volumes (MBoe) (2)
|
|
|
|
5,990
|
|
|
|
5,794
|
|
|
|
6,673
|
|
|
|
7,465
|
|
|
|
25,922
|
|
|
|
|
7,285
|
|
Per day volumes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil (MBbls/d)
|
|
|
|
33.0
|
|
|
|
31.1
|
|
|
|
33.9
|
|
|
|
38.6
|
|
|
|
34.2
|
|
|
|
|
41.5
|
|
Natural gas (MMcf/d)
|
|
|
|
176
|
|
|
|
164
|
|
|
|
184
|
|
|
|
202
|
|
|
|
181
|
|
|
|
|
185
|
|
Natural gas liquids (MBbls/d)
|
|
|
|
4.2
|
|
|
|
5.2
|
|
|
|
8.0
|
|
|
|
9.0
|
|
|
|
6.6
|
|
|
|
|
7.8
|
|
Combined equivalent volumes (Mboe/d) (2)
|
|
|
|
66.6
|
|
|
|
63.7
|
|
|
|
72.5
|
|
|
|
81.1
|
|
|
|
71.0
|
|
|
|
|
80.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Excludes our Piceance Basin, Powder River Basin and
international operations, which were classified as discontinued
operations.
|
(2) Mboe is converted using the ratio of one barrel of oil,
condensate or natural gas liquids to six thousand cubic feet of
natural gas.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized average price per unit (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil (per barrel)
|
|
|
$
|
37.69
|
|
|
$
|
48.75
|
|
|
$
|
38.23
|
|
|
$
|
35.14
|
|
|
$
|
39.61
|
|
|
|
$
|
25.62
|
|
Natural gas (per Mcf)
|
|
|
$
|
2.59
|
|
|
$
|
1.76
|
|
|
$
|
2.18
|
|
|
$
|
1.81
|
|
|
$
|
2.08
|
|
|
|
$
|
1.52
|
|
Natural gas liquids (per barrel)
|
|
|
$
|
9.30
|
|
|
$
|
9.81
|
|
|
$
|
8.76
|
|
|
$
|
9.75
|
|
|
$
|
9.39
|
|
|
|
$
|
7.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Excludes our Piceance Basin, Powder River Basin and
international operations, which were classified as discontinued
operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses per Boe (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease and facility operating
|
|
|
$
|
5.90
|
|
|
$
|
5.54
|
|
|
$
|
5.07
|
|
|
$
|
5.82
|
|
|
$
|
5.59
|
|
|
|
$
|
5.74
|
|
Gathering, processing and transportation
|
|
|
$
|
2.91
|
|
|
$
|
2.65
|
|
|
$
|
2.53
|
|
|
$
|
1.95
|
|
|
$
|
2.48
|
|
|
|
$
|
2.17
|
|
Taxes other than income
|
|
|
$
|
2.45
|
|
|
$
|
2.83
|
|
|
$
|
2.06
|
|
|
$
|
2.26
|
|
|
$
|
2.38
|
|
|
|
$
|
1.47
|
|
Depreciation, depletion and amortization
|
|
|
$
|
19.56
|
|
|
$
|
21.21
|
|
|
$
|
20.37
|
|
|
$
|
20.43
|
|
|
$
|
20.39
|
|
|
|
$
|
20.93
|
|
General and administrative
|
|
|
$
|
8.94
|
|
|
$
|
9.21
|
|
|
$
|
6.72
|
|
|
$
|
7.88
|
|
|
$
|
8.12
|
|
|
|
$
|
7.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Excludes our Piceance Basin, Powder River Basin and
international operations, which were classified as discontinued
operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WPX Energy, Inc.
|
Reconciliation of Adjusted EPS and EBITDAX (NON-GAAP)
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
2016
|
(Dollars in millions, except per share amounts)
|
|
|
1st Qtr
|
|
2nd Qtr
|
|
3rd Qtr
|
|
4th Qtr
|
|
Year
|
|
|
1st Qtr
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations attributable to WPX
Energy, Inc. available to common stockholders
|
|
|
$
|
52
|
|
|
$
|
23
|
|
|
$
|
(74
|
)
|
|
$
|
(24
|
)
|
|
$
|
(23
|
)
|
|
|
$
|
(5
|
)
|
Income (loss) from continuing operations - diluted earnings per
share
|
|
|
$
|
0.25
|
|
|
$
|
0.11
|
|
|
$
|
(0.29
|
)
|
|
$
|
(0.09
|
)
|
|
$
|
(0.10
|
)
|
|
|
$
|
(0.02
|
)
|
Pre-tax adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairments- exploratory related
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
47
|
|
|
$
|
3
|
|
|
$
|
50
|
|
|
|
$
|
-
|
|
Net (gain) loss on sales of assets
|
|
|
$
|
(69
|
)
|
|
$
|
(208
|
)
|
|
$
|
(2
|
)
|
|
$
|
(70
|
)
|
|
$
|
(349
|
)
|
|
|
$
|
(198
|
)
|
Contract termination and early rig release expenses
|
|
|
$
|
26
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
5
|
|
|
$
|
31
|
|
|
|
$
|
-
|
|
Accrual for certain future gathering obligations associated with an
abandoned area
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
23
|
|
|
$
|
23
|
|
|
|
$
|
-
|
|
Costs related to severance and relocation
|
|
|
$
|
8
|
|
|
$
|
7
|
|
|
$
|
1
|
|
|
$
|
(1
|
)
|
|
$
|
15
|
|
|
|
$
|
3
|
|
Costs related to acquisition (including loss on acquired debt
extinguishment)
|
|
|
$
|
-
|
|
|
$
|
1
|
|
|
$
|
103
|
|
|
$
|
1
|
|
|
$
|
105
|
|
|
|
$
|
-
|
|
Previously capitalized costs expensed following credit facility
amendment
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
|
$
|
4
|
|
Gain on retirement of debt
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
|
$
|
(3
|
)
|
Unrealized MTM (gain) loss
|
|
|
$
|
30
|
|
|
$
|
203
|
|
|
$
|
(50
|
)
|
|
$
|
16
|
|
|
$
|
199
|
|
|
|
$
|
76
|
|
Total pre-tax adjustments
|
|
|
$
|
(5
|
)
|
|
$
|
3
|
|
|
$
|
99
|
|
|
$
|
(23
|
)
|
|
$
|
74
|
|
|
|
$
|
(118
|
)
|
Less tax effect for above items
|
|
|
$
|
2
|
|
|
$
|
(1
|
)
|
|
$
|
(35
|
)
|
|
$
|
7
|
|
|
$
|
(27
|
)
|
|
|
$
|
43
|
|
Impact of state deferred tax rate change
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
8
|
|
|
$
|
8
|
|
|
|
$
|
14
|
|
Impact of state valuation allowance
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
|
$
|
8
|
|
Total adjustments, after-tax
|
|
|
$
|
(3
|
)
|
|
$
|
2
|
|
|
$
|
64
|
|
|
$
|
(8
|
)
|
|
$
|
55
|
|
|
|
$
|
(53
|
)
|
Adjusted income (loss) from continuing operations available to
common stockholders
|
|
|
$
|
49
|
|
|
$
|
25
|
|
|
$
|
(10
|
)
|
|
$
|
(32
|
)
|
|
$
|
32
|
|
|
|
$
|
(58
|
)
|
Adjusted diluted earnings (loss) per common share
|
|
|
$
|
0.24
|
|
|
$
|
0.12
|
|
|
$
|
(0.04
|
)
|
|
$
|
(0.11
|
)
|
|
$
|
0.14
|
|
|
|
$
|
(0.21
|
)
|
Diluted weighted-average shares (millions)
|
|
|
|
205.9
|
|
|
|
206.8
|
|
|
|
251.2
|
|
|
|
275.4
|
|
|
|
234.2
|
|
|
|
|
276.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDAX
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to net income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
$
|
68
|
|
|
$
|
(30
|
)
|
|
$
|
(230
|
)
|
|
$
|
(1,534
|
)
|
|
$
|
(1,726
|
)
|
|
|
$
|
(12
|
)
|
Interest expense
|
|
|
|
33
|
|
|
|
32
|
|
|
|
65
|
|
|
|
57
|
|
|
|
187
|
|
|
|
|
57
|
|
Provision (benefit) for income taxes
|
|
|
|
29
|
|
|
|
1
|
|
|
|
(27
|
)
|
|
|
31
|
|
|
|
34
|
|
|
|
|
35
|
|
Depreciation, depletion and amortization
|
|
|
|
117
|
|
|
|
123
|
|
|
|
136
|
|
|
|
152
|
|
|
|
528
|
|
|
|
|
152
|
|
Exploration expenses
|
|
|
|
7
|
|
|
|
6
|
|
|
|
56
|
|
|
|
16
|
|
|
|
85
|
|
|
|
|
9
|
|
EBITDAX
|
|
|
|
254
|
|
|
|
132
|
|
|
|
-
|
|
|
|
(1,278
|
)
|
|
|
(892
|
)
|
|
|
|
241
|
|
Accrual for certain future gathering obligations associated with an
abandoned area
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
23
|
|
|
|
23
|
|
|
|
|
-
|
|
Net (gain) loss on sales of assets
|
|
|
|
(69
|
)
|
|
|
(208
|
)
|
|
|
(2
|
)
|
|
|
(70
|
)
|
|
|
(349
|
)
|
|
|
|
(198
|
)
|
RKI acquisition costs and loss on extinguishment of acquired debt
|
|
|
|
-
|
|
|
|
1
|
|
|
|
87
|
|
|
|
-
|
|
|
|
88
|
|
|
|
|
-
|
|
Net (gain) loss on derivatives
|
|
|
|
(105
|
)
|
|
|
71
|
|
|
|
(205
|
)
|
|
|
(179
|
)
|
|
|
(418
|
)
|
|
|
|
(57
|
)
|
Net cash received (paid) related to settlement of derivatives
|
|
|
|
135
|
|
|
|
132
|
|
|
|
155
|
|
|
|
195
|
|
|
|
617
|
|
|
|
|
133
|
|
(Income) loss from discontinued operations
|
|
|
|
(16
|
)
|
|
|
53
|
|
|
|
160
|
|
|
|
1,515
|
|
|
|
1,712
|
|
|
|
|
12
|
|
Adjusted EBITDAX
|
|
|
$
|
199
|
|
|
$
|
181
|
|
|
$
|
195
|
|
|
$
|
206
|
|
|
$
|
781
|
|
|
|
$
|
131
|
|
|
|
WPX Energy, Inc.
|
Consolidated Statements of Operations
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31,
|
|
|
|
2016
|
|
|
2015
|
|
|
|
(Millions, except per share amounts)
|
Revenues:
|
|
|
|
|
|
|
Product revenues:
|
|
|
|
|
|
|
Oil sales
|
|
|
$
|
97
|
|
|
|
$
|
112
|
|
Natural gas sales
|
|
|
|
25
|
|
|
|
|
41
|
|
Natural gas liquid sales
|
|
|
|
5
|
|
|
|
|
3
|
|
Total product revenues
|
|
|
|
127
|
|
|
|
|
156
|
|
Gas management
|
|
|
|
31
|
|
|
|
|
157
|
|
Net gain (loss) on derivatives
|
|
|
|
57
|
|
|
|
|
105
|
|
Other
|
|
|
|
1
|
|
|
|
|
2
|
|
Total revenues
|
|
|
|
216
|
|
|
|
|
420
|
|
Costs and expenses:
|
|
|
|
|
|
|
Lease and facility operating
|
|
|
|
42
|
|
|
|
|
35
|
|
Gathering, processing and transportation
|
|
|
|
16
|
|
|
|
|
17
|
|
Taxes other than income
|
|
|
|
11
|
|
|
|
|
15
|
|
Gas management, including charges for unutilized pipeline capacity
|
|
|
|
39
|
|
|
|
|
109
|
|
Exploration
|
|
|
|
9
|
|
|
|
|
7
|
|
Depreciation, depletion and amortization
|
|
|
|
152
|
|
|
|
|
117
|
|
Net (gain) loss on sales of assets
|
|
|
|
(198
|
)
|
|
|
|
(69
|
)
|
General and administrative
|
|
|
|
53
|
|
|
|
|
54
|
|
Other - net
|
|
|
|
2
|
|
|
|
|
22
|
|
Total costs and expenses
|
|
|
|
126
|
|
|
|
|
307
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
|
|
90
|
|
|
|
|
113
|
|
Interest expense
|
|
|
|
(57
|
)
|
|
|
|
(33
|
)
|
Investment income and other
|
|
|
|
2
|
|
|
|
|
1
|
|
Income (loss) from continuing operations before income taxes
|
|
|
|
35
|
|
|
|
|
81
|
|
Provision (benefit) for income taxes
|
|
|
|
35
|
|
|
|
|
29
|
|
Income (loss) from continuing operations
|
|
|
|
-
|
|
|
|
|
52
|
|
Income (loss) from discontinued operations
|
|
|
|
(12
|
)
|
|
|
|
16
|
|
Net income (loss)
|
|
|
|
(12
|
)
|
|
|
|
68
|
|
Less: Net income (loss) attributable to noncontrolling interests
|
|
|
|
-
|
|
|
|
|
1
|
|
Net income (loss) attributable to WPX Energy, Inc.
|
|
|
|
(12
|
)
|
|
|
|
67
|
|
Less: Dividends on preferred stock
|
|
|
|
5
|
|
|
|
|
-
|
|
Net income (loss) attributable to WPX Energy, Inc. common
stockholders
|
|
|
$
|
(17
|
)
|
|
|
$
|
67
|
|
|
|
|
|
|
|
|
Amounts attributable to WPX Energy, Inc. common stockholders:
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
|
$
|
(5
|
)
|
|
|
$
|
52
|
|
Income (loss) from discontinued operations
|
|
|
|
(12
|
)
|
|
|
|
15
|
|
Net income (loss)
|
|
|
$
|
(17
|
)
|
|
|
$
|
67
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per common share:
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
|
$
|
(0.02
|
)
|
|
|
$
|
0.26
|
|
Income (loss) from discontinued operations
|
|
|
|
(0.04
|
)
|
|
|
|
0.07
|
|
Net income (loss)
|
|
|
$
|
(0.06
|
)
|
|
|
$
|
0.33
|
|
|
|
|
|
|
|
|
Basic weighted-average shares (millions)
|
|
|
|
276.1
|
|
|
|
|
204.1
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per common share:
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
|
$
|
(0.02
|
)
|
|
|
$
|
0.25
|
|
Income (loss) from discontinued operations
|
|
|
|
(0.04
|
)
|
|
|
|
0.07
|
|
Net income (loss)
|
|
|
$
|
(0.06
|
)
|
|
|
$
|
0.32
|
|
|
|
|
|
|
|
|
Diluted weighted-average shares (millions)
|
|
|
|
276.1
|
|
|
|
|
205.9
|
|
|
|
WPX Energy, Inc.
|
Consolidated Balance Sheets
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2016
|
|
|
December 31, 2015
|
ASSETS
|
|
|
(Millions)
|
Current assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
11
|
|
|
|
$
|
38
|
|
Accounts receivable, net of allowance of $6 million as of March
31, 2016 and December 31, 2015
|
|
|
|
190
|
|
|
|
|
300
|
|
Derivative assets
|
|
|
|
240
|
|
|
|
|
308
|
|
Inventories
|
|
|
|
42
|
|
|
|
|
46
|
|
Assets classified as held for sale
|
|
|
|
1,056
|
|
|
|
|
178
|
|
Other
|
|
|
|
24
|
|
|
|
|
23
|
|
Total current assets
|
|
|
|
1,563
|
|
|
|
|
893
|
|
Properties and equipment (successful efforts method of accounting)
|
|
|
|
8,551
|
|
|
|
|
8,415
|
|
Less: Accumulated depreciation, depletion and amortization
|
|
|
|
(2,047
|
)
|
|
|
|
(1,893
|
)
|
Properties and equipment, net
|
|
|
|
6,504
|
|
|
|
|
6,522
|
|
Derivative assets
|
|
|
|
41
|
|
|
|
|
51
|
|
Other noncurrent assets
|
|
|
|
32
|
|
|
|
|
927
|
|
Total assets
|
|
|
$
|
8,140
|
|
|
|
$
|
8,393
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
220
|
|
|
|
$
|
278
|
|
Accrued and other current liabilities
|
|
|
|
223
|
|
|
|
|
301
|
|
Liabilities associated with assets held for sale
|
|
|
|
275
|
|
|
|
|
140
|
|
Current portion of long-term debt, net
|
|
|
|
304
|
|
|
|
|
1
|
|
Derivative liabilities
|
|
|
|
7
|
|
|
|
|
13
|
|
Total current liabilities
|
|
|
|
1,029
|
|
|
|
|
733
|
|
Deferred income taxes
|
|
|
|
505
|
|
|
|
|
465
|
|
Long-term debt, net
|
|
|
|
2,746
|
|
|
|
|
3,189
|
|
Derivative liabilities
|
|
|
|
18
|
|
|
|
|
2
|
|
Asset retirement obligations
|
|
|
|
100
|
|
|
|
|
99
|
|
Other noncurrent liabilities
|
|
|
|
227
|
|
|
|
|
370
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
Preferred stock (100 million shares authorized at $0.01 par value; 7
million shares issued at March 31, 2016 and December 31, 2015)
|
|
|
|
339
|
|
|
|
|
339
|
|
Common stock (2 billion shares authorized at $0.01 par value; 276.7
million shares issued at March 31, 2016 and 275.4 million shares
issued at December 31, 2015)
|
|
|
|
3
|
|
|
|
|
3
|
|
Additional paid-in-capital
|
|
|
|
6,156
|
|
|
|
|
6,164
|
|
Accumulated deficit
|
|
|
|
(2,983
|
)
|
|
|
|
(2,971
|
)
|
Total stockholders' equity
|
|
|
|
3,515
|
|
|
|
|
3,535
|
|
Total liabilities and equity
|
|
|
$
|
8,140
|
|
|
|
$
|
8,393
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WPX Energy, Inc.
|
Consolidated Statements of Cash Flows
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31,
|
|
|
|
2016
|
|
|
2015
|
|
|
|
(Millions)
|
Operating Activities
|
|
|
|
|
|
|
Net income (loss)
|
|
|
$
|
(12
|
)
|
|
|
$
|
68
|
|
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
|
|
|
|
|
|
|
Depreciation, depletion and amortization
|
|
|
|
161
|
|
|
|
|
216
|
|
Deferred income tax provision (benefit)
|
|
|
|
34
|
|
|
|
|
4
|
|
Provision for impairment of properties and equipment (including
certain exploration expenses)
|
|
|
|
9
|
|
|
|
|
15
|
|
Amortization of stock-based awards
|
|
|
|
7
|
|
|
|
|
9
|
|
Gain on extinguishment of debt
|
|
|
|
(3
|
)
|
|
|
|
-
|
|
Net gain on sales of domestic assets and international interests
|
|
|
|
(198
|
)
|
|
|
|
(110
|
)
|
Cash provided (used) by operating assets and liabilities:
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
117
|
|
|
|
|
110
|
|
Inventories
|
|
|
|
4
|
|
|
|
|
(3
|
)
|
Margin deposits and customer margin deposits payable
|
|
|
|
2
|
|
|
|
|
8
|
|
Other current assets
|
|
|
|
-
|
|
|
|
|
(5
|
)
|
Accounts payable
|
|
|
|
(26
|
)
|
|
|
|
(90
|
)
|
Income taxes payable
|
|
|
|
(33
|
)
|
|
|
|
Accrued and other current liabilities
|
|
|
|
(131
|
)
|
|
|
|
(62
|
)
|
Accrued liabilities for retained transportation and gathering
contracts related to discontinued operations
|
|
|
|
(10
|
)
|
|
|
|
-
|
|
Changes in current and noncurrent derivative assets and liabilities
|
|
|
|
96
|
|
|
|
|
30
|
|
Other, including changes in other noncurrent assets and liabilities
|
|
|
|
(1
|
)
|
|
|
|
4
|
|
Net cash provided by operating activities (a)
|
|
|
|
16
|
|
|
|
|
194
|
|
|
|
|
|
|
|
|
Investing Activities
|
|
|
|
|
|
|
Capital expenditures(b)
|
|
|
|
(185
|
)
|
|
|
|
(480
|
)
|
Proceeds from sales of domestic assets and international interests
|
|
|
|
281
|
|
|
|
|
563
|
|
Other
|
|
|
|
(1
|
)
|
|
|
|
4
|
|
Net cash provided by (used in) investing activities (a)
|
|
|
|
95
|
|
|
|
|
87
|
|
|
|
|
|
|
|
|
Financing Activities
|
|
|
|
|
|
|
Proceeds from common stock
|
|
|
|
1
|
|
|
|
|
2
|
|
Dividends paid on preferred stock
|
|
|
|
(5
|
)
|
|
|
|
-
|
|
Borrowings on credit facility
|
|
|
|
370
|
|
|
|
|
181
|
|
Payments on credit facility
|
|
|
|
(460
|
)
|
|
|
|
(461
|
)
|
Payments for retirement of debt
|
|
|
|
(48
|
)
|
|
|
|
-
|
|
Payments for credit facility amendment and fees
|
|
|
|
(3
|
)
|
|
|
|
-
|
|
Other
|
|
|
|
7
|
|
|
|
|
9
|
|
Net cash provided by (used in) financing activities
|
|
|
|
(138
|
)
|
|
|
|
(269
|
)
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
|
(27
|
)
|
|
|
|
12
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
38
|
|
|
|
|
70
|
|
Cash and cash equivalents at end of period
|
|
|
$
|
11
|
|
|
|
$
|
82
|
|
|
|
|
|
|
|
|
_____________
|
|
|
|
|
|
|
(a) Includes amounts related to discontinued operations.
|
|
|
|
|
|
|
(b) Increase to properties and equipment
|
|
|
$
|
(170
|
)
|
|
|
$
|
(297
|
)
|
Changes in related accounts payable and accounts receivable
|
|
|
|
(15
|
)
|
|
|
|
(183
|
)
|
Capital expenditures
|
|
|
$
|
(185
|
)
|
|
|
$
|
(480
|
)
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160504006653/en/
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